ICICI Bank on Tuesday said it will sell up to 2.21 percent stake in brokerage arm ICICI Securities through an offer for sale. The floor price for the sale to be starting from Wednesday has been fixed at Rs 440 apiece, which may fetch the bank at least Rs 313 crore.

 "The board of directors of the bank, at its meeting held today, approved the sale of up to 7,121,403 equity shares of face value of Rs 5 each of ICICI Securities representing up to 2.21 percent of its issued and paid-up equity share capital, through an offer for sale through stock exchange mechanism," ICICI Bank said in a regulatory filing. At the floor price of Rs 440 per share, ICICI Bank will be able to raise at least Rs 313.34 crore by offloading stake in its subsidiary.

The share sale process is happening towards compliance with the requirement of the minimum public float of the company, said the private sector lender. In a separate filing, ICICI Securities said that ICICI Bank proposes to sell up to 2.21 percent shares.

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